Taiwo Oyedele: Nigeria still not generating enough revenue from tax

Taiwo Oyedele, minister of finance and coordinating minister of the economy, has said Nigeria is yet to generate adequate revenue from taxation despite ongoing reform efforts.

Oyedele spoke on Thursday in Abuja while hosting the leadership of the Chartered Institute of Taxation of Nigeria (CITN), led by its president, Innocent Ohagwa, during activities marking the institute’s maiden National Tax Awareness Day road walk.

According to the minister, the country’s revenue challenge is not due to low tax rates but poor compliance among eligible taxpayers.

“We’re still not getting enough revenue from tax,” Oyedele said.

He stressed that the federal government is focused on building a fair and transparent tax system that ensures individuals and businesses who are required to pay taxes fulfill their obligations.

“It is not about increasing tax, but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration,” he said.

Oyedele commended CITN for supporting the federal government’s tax reform agenda and helping to deepen public understanding of taxation. However, he urged the institute to strengthen public sensitisation efforts across the country.

The minister noted that many Nigerians still perceive taxation mainly as a means for government revenue collection rather than a key driver of national development.

He added that significant national progress could be achieved if the country succeeds in reforming and improving its tax system.

Oyedele also encouraged the institute to establish annual awards to recognise the country’s most tax-compliant individuals and organisations as a way to promote voluntary tax compliance.